HOW THE UK BENEFITS FROM NOM-DOMS WHO BOOST THE ECONOMY

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At Ogilvy & Haart it’s our mission to help you to save tax in the UK and create more wealth in the UK, which is why we like to keep you informed of all the latest news affecting the financial and wealth management industry.

We recently read an interesting article in The Register that we wanted to share with you. It’s all about nom-doms (non-domiciled UK residents) and how they affect the UK economy.

Non-doms currently pay 10 times more income tax in the UK than UK nationals, but this will all change if the government forges ahead with a new law that states that non-doms who have lived and worked in the UK for 15 years in the past 20 tax years will be deemed domiciled for income tax, capital gains tax and inheritance tax.

This will have a huge impact on the economy, not only in terms of revenue generated from non-doms, but also the generation of new business, jobs and spending power.

The UK is currently benefitting from allowing non-doms to work and contribute in the UK but if the law changes then other major financial centres, such as Hong Kong and New York could become the new non-dom beneficiaries.

If you’re a non-dom currently residing and working in the UK and would like to seek advice on the options available to you then please don’t hesitate in contacting Knight Wolffe for a no obligation consultation.

Alternatively, if you run a UK business or simply need financial and wealth management advice then we’re more than happy to help you too.